Leavenworth Real Estate Update

I ran some stats today for the Leavenworth real estate market. The statistics show what my instinct tells me. Generally it is a Buyers market based on months of inventory and percentage of pending listings. However, sellers are continuing to raise prices and are perhaps more confident than they should be. Of course all of this depends on price point and location.
These statistics are for single family dwellings (not condominiums or manufactured homes). These homes are in the general Leavenworth area which includes Plain, Fish Lake, Lake Wenatchee, Leavenworth and Peshastin.
Homes under $250,000. This is the price point showing the most activity. It is a fairly balanced market with a 48% pending ratio. That means there are 10 active listings and 11 listings that are pending. In the past 12 months 67 homes have sold. At this rate there is a 2 month supply of homes.
Between $250-350,000. Only a 15% pending ratio which means this should be a strong buyers market (I’m not sure many of the sellers know this.) There is currently a 5 month supply of homes in this price range.
We see increased supply as asking prices increase. $350-450,000 – 8 month supply. $450-650,000 -7.5 month supply. $650,000 and up – 24 month supply! That’s a two year supply!!!
Of course this depends on location and style as much as price. Waterfront homes continue to be popular and cabins are always popular.
One word of caution. Overall inventory in terms of raw numbers remains low. There are only 75 single family homes for sale in the area. Poor quality or overpriced homes could easily have a large effect on these statistics.